According to CNBC, China's real estate market is still searching for a bottom, highlighting persistent sector stress that remains unresolved as of early December 2025 (source: CNBC tweet, Dec 2, 2025). Policy support remains targeted rather than a broad bailout, with the PBOC in May 2024 cutting minimum down payments, removing the national mortgage-rate floor, and launching a 300 billion yuan relending facility to help absorb unsold housing (source: People's Bank of China, May 2024 policy notices). Official data through 2024 showed continued declines in property investment and new-home prices, suggesting demand weakness consistent with CNBC’s characterization (source: National Bureau of Statistics of China, 2023–2024 releases). For trading, prolonged property weakness is typically associated with wider spreads in Chinese developer USD bonds, pressure on USD/CNH via growth sentiment, and risk-off spillovers that can raise beta in BTC and ETH during macro drawdowns (source: market reactions documented in Reuters and Bloomberg coverage of China property stress, 2021–2024).